New Home Sales Top Expectations – Acadiana Business Index

The major averages were little changed in today’s action. Ken Meyers has your stock market report on the Acadiana Business Index.

• The Dow Jones Industrial Average gave up 25 points to 15,542 after being down by as many as 70 points earlier. The S&P 500 fell 6 points to 1685 and the NASDAQ was relatively unchanged, gaining less than 1 point to close at 3579.
• Stocks traded in a narrow range throughout the session as investors digested a batch of corporate earnings and several global economic reports.
• On our shores, economic data was largely positive with July manufacturing and June new home sales topping expectations.
• Nine of the 10 sectors on the S&P ended lower, led by declines in utility stocks. Shares of Duke Energy fell 1.1% to $70.50. Tech stocks were the best performing group. Apple rallied 5.1% to $440.51 as the company posted better-than-expected quarterly earnings and sales. On the downside, Caterpillar gave up 2.4% to $83.44 after falling short of analysts’ estimates and lowering their full-year earnings guidance.
• Composite volume on the NSYE was over 3.3 billion shares with declining issues besting advancers by a 3-1 margin. The NASDAQ was 3-2 negative on issues.
• Turning to fixed income markets, Treasuries were lower along the curve. The benchmark 10-year note was down 21/32 to yield 2.59% and the 30-year bond gave up over a full point to yield 3.64%.

For the complete economic report, click Ken's Market Report.